Citizens Financial Services Inc 8-K, filed Apr 22, 2022
Citizens Financial Services Inc (CZFS)
8-K
2022-04-22
For: 2022-04-19
View Original
Added on
April 09, 2026
About this 8-K
Citizens Financial Services Inc filed this 8-K on April 22, 2022, reporting on events of April 19, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 5.07: Shareholder vote results
- Item 7.01: Regulation FD disclosure
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 19, 2022
(Exact name of registrant as specified in its charter)
|
|
|
|
|
|
|
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
|
|
|
|
|
(Address of principal executive offices)
|
|
(Zip code)
|
Registrant's telephone number, including area code (570 ) 662-0444
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act
of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
|
As previously disclosed, on February 15, 2022, the Board of Directors of Citizens
Financial Services, Inc. (the “Company”) appointed Janie Hilfiger to the Company’s Board of Directors. On April 19, 2022 the Board of Directors appointed Ms. Hilfiger to the Executive Committee, the Audit and Examination Committee and the
Governance and Nominating Committee of the Board of Directors.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On April 19, 2022, the Company held its 2022 Annual Meeting of Shareholders (the “Annual Meeting”), at which the Company’s
shareholders considered the following proposals: (i) to elect one Class 3 director and four Class 2 directors; and (ii) to ratify the appointment of S.R. Snodgrass, P.C., Certified Public Accountants, as the Company’s independent registered public
accounting firm for the year ending December 31, 2022. The proposals are described in detail in the Company’s Definitive Proxy Statement for the Annual Meeting, which was filed with the SEC on March 10, 2022. The final results for the votes
regarding each proposal are set forth below.
Election of Class 3 Director
The following person was duly elected as a Class 3 director, for a one-year term:
|
|
Janie M. Hilfiger
|
||||||
|
For
|
|
|
1,761,951
|
|
|
||
|
Withheld
|
|
|
247,981
|
|
|
||
|
Broker Non-Votes
|
608,514
|
Election of Class 2 Directors
The following persons were duly elected as Class 2 directors, each for a three-year term:
|
|
Thomas E. Freeman
|
Christopher W. Kunes
|
David Z. Richards, Jr.
|
Alletta M. Schadler
|
||||||
|
For
|
1,776,521
|
1,762,299
|
1,760,540
|
1,786,659
|
||||||
|
Withheld
|
233,411
|
247,633
|
249,392
|
223,273
|
||||||
|
Broker Non-Votes
|
608,514
|
608,514
|
608,514
|
608,514
|
Ratification of S.R. Snodgrass, P.C., as the Company’s Independent Registered Public Accounting Firm
At the Annual Meeting, the Company’s shareholders ratified the appointment of S.R. Snodgrass, P.C., as
the Company’s independent registered public accounting firm for the year ending December 31, 2022. The table below sets forth the voting results for this proposal:
|
Votes For
|
|
Votes Against
|
|
Abstentions
|
Broker Non-Votes
|
||
|
2,592,275
|
17,554
|
8,617
|
⸻
|
Item 7.01. Regulation FD Disclosure.
On April 19, 2022, Randall E. Black, the Company’s President and Chief Executive
Officer, conducted a presentation at the Annual Meeting. A copy of the presentation is furnished hereto as Exhibit 99.1 and is incorporated by reference herein.
The information contained in this Item 7.01, including Exhibit 99.1 attached hereto,
shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information or exhibit be deemed
incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
On April 22, 2022, the Company issued a press release related to the Annual Meeting.
A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
|
Exhibit
Number
|
|
Description
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
| CITIZENS FINANCIAL SERVICES, INC. |
|||
|
Date: April 22, 2022
|
By:
|
/s/ Stephen J. Guillaume |
|
| Stephen J. Guillaume |
|||
| Chief Financial Officer |
|||
19 21 65 59 74 150 0 113 186 83 84 84 248 157 56 Citizens Financial Services, Inc.
2021 Financial Performance
Efficiency Ratio History Finished in the 93rd percentile compared to the CZFS peer group for 2021
Return on Equity History Finished in the 100th percentile compared to the CZFS peer group for 2021
Return on Assets History Finished in the 100th percentile compared to the CZFS peer group for 2021
Cash Dividends Paid History 1% stock dividend paid in 2018, 2019, 2020 & 2021, and a 5% stock dividend
paid in 2017
2021 Industry Recognition
Industry Recognition Being named as one of the 200 top-performing community banks in the nation.
Industry Recognition Being named as one of the 200 top-performing community banks in the nation. Being
ranked as the 29th best performing bank in the $1 billion to $5 billion category nationwide.
Industry Recognition Being named as one of the 200 top-performing community banks in the nation. Being
ranked as the 29th best performing bank in the $1 billion to $5 billion category nationwide. Being the third largest agricultural lender in PA and 66th in the nation.
Industry Recognition Being named as one of the 200 top-performing community banks in the nation. Being
ranked as the 29th best performing bank in the $1 billion to $5 billion category nationwide. Being the third largest agricultural lender in PA and 66th in the nation. Receiving the Corporate Philanthropy Award.
Industry Recognition Being named as one of the 200 top-performing community banks in the nation. Being
ranked as the 29th best performing bank in the $1 billion to $5 billion category nationwide. Being the third largest agricultural lender in PA and 66th in the nation. Receiving the Corporate Philanthropy Award. Partnered to bring Raise the
Region to Tioga County.
Industry Recognition Being named as one of the 200 top-performing community banks in the nation. Being
ranked as the 29th best performing bank in the $1 billion to $5 billion category nationwide. Being the third largest agricultural lender in PA and 66th in the nation. Receiving the Corporate Philanthropy Award. Partnered to bring Raise the
Region to Tioga County. Proudly donated over $360,000.
2022 and Beyond
What’s in store for 2022? Will continue to build out our Kennett Square branch.
What’s in store for 2022? Will continue to build out our Kennett Square branch. Filed a Nasdaq listing
application.
What’s in store for 2022? Will continue to build out our Kennett Square branch. Filed a Nasdaq listing
application. Opening our 32nd branch in Ephrata, PA
What’s in store for 2022? Will continue to build out our Kennett Square branch. Filed a Nasdaq listing
application. Opening our 32nd branch in Ephrata, PA Celebrating our 150th Year Anniversary.
FOR IMMEDIATE RELEASE
CONTACT:
Randall E. Black
Chief Executive Officer & President
570-662-2121
CITIZENS FINANCIAL SERVICES, INC. HOLDS ANNUAL MEETING
Mansfield, Pennsylvania; April 22, 2022. Citizens Financial Services, Inc. held its 2022 annual meeting of shareholders (the “Annual Meeting”)
on April 19, 2022 at First Citizens Community Bank, 11499 Route 6, Wellsboro, Pennsylvania.
At the Annual Meeting, Janie M. Hilfiger was duly elected as a Class 3 director to serve for a one-year term, and until her successor is elected
and qualified. Ms. Hilfiger will serve until the April 2023 Annual Meeting.
At the Annual Meeting, the following four Class 2 directors were duly elected to serve for three-year terms, and until their successors are
elected and qualified: Thomas E. Freeman, Christopher W. Kunes, David Z. Richards, Jr., Alletta M. Schadler. The four Class 2 directors will serve until the April 2025 Annual Meeting.
The following corporate directors retained their positions but were not standing for election this year: Randall E. Black, Rinaldo A. DePaola,
Mickey L. Jones, Robert W. Chappell, Roger C. Graham, Jr., E. Gene Kosa, and R. Joseph Landy.
Additionally, shareholders voted to ratify the appointment of S.R. Snodgrass, A.C., Certified Public Accountants, as the independent auditor for
the Company for the fiscal year ending December 31, 2022.